Types Of Economic System - Economics Jamb Past Questions and Answers

Question 21 :

• JAMB 1992

Which of the following is applicable in a wholly capitalist economy?

A. There is government intervention in price determination
B. Consumer sovereignty does not exist
C. The price mechanism allocates resources
D. Households cannot freely decide what to spend on goods and services

Question 22 :

• JAMB 1993

A system in which the means of production is held in trust for the people by government is known as a?

A. Socialist economy
B. Capitalist economy
C. Subsistence economy
D. Mixed economy

Question 23 :

• JAMB 1994

In a mixed economy, decisions to produce are taken by?

A. Men and women acting in their own best interest
B. The government acting in the interest of the country
C. The market women, the labour unions and the employers association
D. Private individuals, organization and the government

Question 24 :

• JAMB 1995

In a free market economy, available resources are more efficiently allocated by complete reliance on?

A. Development planning
B. Strategic planning
C. Capital budgeting
D. Price system

Question 25 :

• JAMB 1997

One of the features of a free market economy is that?

A. Resources are directed by the price mechanism
B. Workers do not earn equal wages
C. The profit motive is serverly constrained
D. Descisions on the economy are taken by bureaucratic structures